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Wednesday, April 7, 2010 as of 11:14 AM ET

Lew Frankfort

Coach Widens 3Q Profit, Lifts Dividend

Handbag designer Coach (NYSE:COH) revealed on Tuesday a 21% increase in third-quarter profit on strong demand in the U.

S. and China, leading the company to lift its dividend by 33%.During the quarter, direct-to-consumer sales were up 18% to $984 million from $837 million a year ago, while comparable-store sales in North America increased 6.7%. In China, sales jumped 60% on a constant-currency basis.Revenue for the three months ended March 31 was up 17% to $1.11 billion from $951 million in 2011, virtually matching the Street's view. Indirect sales were up 10% to $125 million from $114 million in 2011.Coach CEO Lew Frankfort said the company was pleased with the strong top and bottom-line performance and the expansion of its operating margin, which was 30.4% from 29.4% last year."Our results demonstrated the brand's resonance across channels, categories and geographies and reflected the effectiveness of our new pricing and promotional strategies in our North American factory business," ...

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